How Does Sherwin-Williams Make its Money?
Sherwin-Williams is the world’s largest paint and coatings company, operating over 4,800 company-owned specialty paint stores in the United States, Canada, and the Caribbean. The company manufactures, distributes, and sells paints, coatings, and related products to professional painters, contractors, industrial manufacturers, and do-it-yourself (DIY) consumers. Sherwin-Williams’ vertically integrated model — owning both manufacturing and retail distribution — gives it a unique competitive advantage. The 2017 acquisition of Valspar made it the global leader in protective and marine coatings as well.
Sherwin-Williams (SHW) Business Model
Sherwin-Williams operates in the chemicals sector. Below is a summary of Sherwin-Williams’ revenue streams, how the company generates income, and the key financial metrics from its most recent annual report. This breakdown uses data from Sherwin-Williams’ 2024 fiscal year filings with the SEC.
Sherwin-Williams Competitors
Sherwin-Williams’s key competitors and comparable public companies in the chemicals sector include Home Depot, Lowes, 3M, and Procter & Gamble. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Sherwin-Williams stacks up by comparing their revenue breakdown, margins, and growth metrics.
Sherwin-Williams Competitors
Sherwin-Williams’s key competitors and comparable public companies in the chemicals sector include Home Depot, Lowes, 3M, and Procter & Gamble. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Sherwin-Williams stacks up by comparing their revenue breakdown, margins, and growth metrics.
Sherwin-Williams Competitors
Sherwin-Williams’s key competitors and comparable public companies in the chemicals sector include Home Depot, Lowes, 3M, and Procter & Gamble. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Sherwin-Williams stacks up by comparing their revenue breakdown, margins, and growth metrics.
Sherwin-Williams Competitors
Sherwin-Williams’s key competitors and comparable public companies in the chemicals sector include Home Depot, Lowes, 3M, and Procter & Gamble. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Sherwin-Williams stacks up by comparing their revenue breakdown, margins, and growth metrics.
Revenue Breakdown
| Segment | 2024 | 2023 | YoY Growth |
|---|---|---|---|
| Paint Stores Group (Professional Painters, Contractors) | $13,000 | $12,200 | +6.6% |
| Consumer Brands Group (DIY Retail) | $3,200 | $3,100 | +3.2% |
| Performance Coatings Group (Industrial, Automotive, Packaging) | $7,100 | $6,800 | +4.4% |
| Total Revenue | $23,100 | $22,100 | +4.5% |
Paint Stores Group (Professional Painters, Contractors) — 56% of Revenue
Consumer Brands Group (DIY Retail) — 14% of Revenue
Performance Coatings Group (Industrial, Automotive, Packaging) — 31% of Revenue
Income Statement Overview
| Metric | 2024 | 2023 |
|---|---|---|
| Total Revenue | $23,100 | $22,100 |
| Cost of Revenue | $12,200 | $11,900 |
| Gross Profit | $10,900 | $10,200 |
| Operating Expenses | $6,200 | $5,800 |
| Operating Income | $4,700 | $4,400 |
| Net Income | $2,800 | $2,600 |
All values in millions USD unless otherwise stated.
Key Financial Metrics
- Gross Margin: 47.2%
- Operating Margin: 20.3%
- Revenue Growth: 4.5%
Is Sherwin-Williams Profitable?
Yes, Sherwin-Williams is profitable. The company reported net income of $2,800 on total revenue of $23,100. With an operating margin of 20.3%, Sherwin-Williams demonstrates solid profitability for the chemicals sector. The gross margin of 47.2% reflects Sherwin-Williams’ pricing power and cost structure.
What to Watch
- Paint Stores Group same-store sales and new store openings
- Residential repaint activity tied to existing home sales and housing turnover
- Raw material cost trends (titanium dioxide, resins) and gross margin trajectory
- Performance Coatings growth from industrial and protective coatings demand
Sherwin-Williams (SHW) Financial Summary
Sherwin-Williams (SHW) is a chemicals company that generated $23,100 in total revenue in fiscal year 2024. Revenue grew 4.5% year-over-year. The company earned $2,800 in net income, making it profitable. For a deeper look at Sherwin-Williams’ revenue breakdown, business segments, and financial performance, review the detailed analysis above.